Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT, AND EQUIPMENT

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PROPERTY, PLANT, AND EQUIPMENT
 9 Months Ended
Sep. 30, 2012
PROPERTY, PLANT, AND EQUIPMENT

NOTE 5—PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment, net is comprised of the following (in thousands):

 

     September 30,
2012 		    December 31,
2011 		 

Land

    $ 186      $ 247   

Building

      239        317   

Leasehold improvements

      1,168        957   

Equipment and computers

      5,148        5,729   

Furniture and fixtures

      1,042        1,036   

Construction in progress

      168        26   
  

 

 

    

 

 

  
     7,951        8,312   

Accumulated depreciation and amortization

      (6,450 )      (7,164 ) 
  

 

 

    

 

 

  

Property, plant, and equipment, net

    $ 1,501      $ 1,148   
  

 

 

    

 

 

  

 

Depreciation and amortization expense related to property, plant, and equipment totaled approximately $93,000 and $275,000 for the three and nine months ended September 30, 2012, respectively, and $118,000 and $464,000 for the three and nine months ended September 30, 2011, respectively.

On August 21, 2012, pursuant to a Sale and Purchase Agreement entered on June 12, 2012 the Company sold the smaller of two buildings and a portion of the land parcel of its two-building property in Floss, Germany. The purchase price of approximately $136,000, was reduced by transaction costs, resulting in net proceeds of approximately $124,000. As of September 30, 2012, the Company recorded a realized gain on the sale of these assets of approximately $3,000. The Company also undertook an appraisal of the remaining land and building at the Floss property which was valued at approximately $457,000, as of September 19, 2012, compared with net carrying value of $407,000, and thus no impairment charge was necessary.